There has been a long lasting tussle between developers and miners in the cryptocurrency space. With developers looking to enable more community freedom and allowing organic growth of this budding industry, miners, on the other hand, are seeking more incentives as the difficulty of mining increases and the Blockchain network gets congested by the day. This rise in conflicting interest has led to the rise in the number of forked cryptocurrencies. One particular fork that has sparked lots of interest from the community over the last few months is ZClassic (ZCL).
What is ZClassic?
With a spike of over 2,000 percent since December, this little-known cryptocurrency is not a total stranger especially for crypto enthusiasts familiar with ZCash. It’s a privacy-centric coin that was created as a fork of the ZCash Blockchain. It is touted as a provider of an enhanced level of privacy and security thanks to its use of cryptography.
ZClassic (ZCL) rides on the fact that it is capable of providing a level of anonymity that is unlike what other coins such as Bitcoin are capable of. Just like its parent Blockchain, ZCash, ZClassic takes advantage of a masking type technology to hide details of a transaction while maintaining transparency. Basically, all the details are recorded on the Blockchain where anyone can see it while explorers cannot see the identity of the users on either side of the transaction.
What was the purpose of the ZClassic Forking?
ZClassic was forked out of ZCash for a variety of reasons. Firstly, even though ZCash was initially built to solve the issue of privacy that Bitcoin has been dealing with since time immemorial, there still exist vulnerabilities and disagreeable elements to its protocol that prompted the creation of ZClassic.
According to ZClassic, One of the elements that make Zcash undesirable is the fact that 20 percent of the rewards go back to the founders for the first 4 years of mining. This means that miners are required to pay founders tax giving the foundation control over 10 percent of the entire cash supply. ZClassic claims to have no founder’s fee and has all the mining rewards directed back to the miners
In addition, ZCash comes with a slow start system that makes it difficult for miners to mine their first 20,000 blocks. As a result, this creates an artificially inflated price in the market. In contrast, ZClassic eliminates this feature that was introduced by ZCash.
Why is ZClassic’s (ZCL) price on the rise?
Just a few months ago, ZClassic (ZCL) was priced slightly over $1 with a market capitalization of about 3 million USD. Currently, its price has appreciated all the way to $169.33 with a whopping market cap of over half a billion USD.
Bitcoin Private (BTCP) Forking
Basically, ZCL has been getting the cryptocurrency market excited with insane levels of speculation. Perhaps the reason for the rise in the price of ZCL is the fact that the ZClassic team announcement of a fork on Bitcoin’s Blockchain that will see the creation of Bitcoin Private (BPL). For holders of ZClassic, this will be an easy way of getting access to a new cryptocurrency.
However, the fork with ZClassic on Bitcoin’s Blockchain to Bitcoin Private pans out, there is no denying that crypto enthusiasts are waiting with baited breaths on the market movement of ZClassic (ZCL). This cryptocurrency boasts of being the future of anonymity and financial freedom away from government surveillance by using the same trusted parameters that ZCash is known for. Whether its planned fork is going to be purposeful is unknown as investors wait to see if BTCP will be supported on major exchanges.